The U.S. government bailout of General Motors and Chrysler, and especially the disparate retirement treatment given to GM and Delphi workers, was alternatively lauded and disparaged during a politically-charged hearing before the House Tuesday.
"In a better world, the choice to intervene in GM and Chrysler would not have had to be made," said Ron Bloom, former senior advisor to the Treasury secretary in testimony before the House Subcommittee on TARP, Financial Services and Bailouts of Public and Private Programs.
"But amid the worst economic crisis in a generation, the administration's decisions avoided devastating liquidations and provided the American auto industry a new lease on life and a real chance to succeed," Bloom added.
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